{"id":29012,"date":"2025-06-15T03:21:45","date_gmt":"2025-06-15T03:21:45","guid":{"rendered":"https:\/\/thebangladeshtoday.com\/?p=29012"},"modified":"2025-06-15T03:21:46","modified_gmt":"2025-06-15T03:21:46","slug":"race-managed-fund-assets-found-100-intact","status":"publish","type":"post","link":"https:\/\/thebangladeshtoday.com\/?p=29012","title":{"rendered":"RACE-managed fund assets found 100% intact"},"content":{"rendered":"\n<p><em><strong>Confirms government body ICB and BRAC Bank<\/strong><\/em><\/p>\n\n\n\n<p class=\"has-text-align-left\"><strong>Staff Correspondent:<\/strong> In a significant development for the country\u2019s mutual fund industry, government custodian Investment Corporation of Bangladesh (ICB) and leading private-sector bank BRAC Bank have confirmed that the investment assets under RACE Asset Management\u2019s care are 100% intact \u2014 dispelling recent doubts and concerns over asset safety.<\/p>\n\n\n\n<p class=\"has-text-align-left\">ICB, which acts as the trustee and custodian of six of RACE's mutual funds \u2014 including EBL1STMF, TBL1STMF, 1STJANATAMF, IFIC1STMF, FIRST BANGLADESH FIXED INCOME FUND, and EXIM1STMF \u2014 revealed in its audit report dated 31 March 2025 that the entirety of the Tk 1,278.37 crore in capital market investments had been verified and accounted for.<\/p>\n\n\n\n<p class=\"has-text-align-left\">Similarly, BRAC Bank, custodian of another four RACE-managed funds \u2014 1STPopularlifeMF, PHP1STMF, ABBANK 1STMF, and EBLNRBMF \u2014 confirmed the intact status of Tk 718.84 crore under its oversight. The combined figure of Tk 1,997.21 crore, representing 10 of the country\u2019s largest mutual funds, was verified without any gaps or irregularities.<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u201cThis is undoubtedly encouraging news for the mutual fund sector,\u201d said Professor Mazharul Islam, Regulatory Affairs Advisor at the Association of Asset Management Companies and Mutual Funds (AAMCMF). \u201cIt shows the strength of the tripartite system \u2014 the fund manager, the custodian, and the trustee \u2014 in protecting investors' money. This confirmation should greatly restore public confidence.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\">Professor Islam added that the Bangladesh Securities and Exchange Commission (BSEC) had previously pledged to conclude its years-long investigations into these funds if their assets were verified as intact. \u201cWe hope the regulator will honour that commitment,\u201d he noted.<\/p>\n\n\n\n<p class=\"has-text-align-left\">An experienced CEO from a rival asset management company shared, under condition of anonymity, that a senior BSEC official had earlier acknowledged: \u201cIf the assets are intact, it is the clearest proof that the fund manager has followed securities law. There would be no reason to interfere.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\">According to industry voices, however, lingering damage to the sector has not come from fund managers, but rather from burdensome regulatory interventions. Two of the most harmful, they say, have been the price floor policy and excessive provisioning mandates introduced under former BSEC Chairman Shibli Rubayat, now facing charges of corruption and abuse of power.<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u201cMutual funds have suffered badly due to regulatory overreach,\u201d lamented Ahsan Habib, a long-term investor. \u201cWe used to get decent dividends. Now, not only has the market stagnated, but regulators are making it harder for fund managers to operate. Let them do their job \u2014 they\u2019re the ones creating value for investors.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\">Mamunur Rashid, Head of Compliance at RACE, stressed that the entire Tk 1,997.21 crore in investment assets are secure and regularly audited. \u201cThere\u2019s been no unlawful diversion of funds,\u201d he said. \u201cWe maintain the highest asset quality \u2014 100% of our listed portfolio is in top-grade \u2018A\u2019 category stocks like RENATA, GP, and BATBC, and our non-listed investments all have BSEC approval.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\">In a previous press statement, RACE accused a \u201cvested group\u201d of attempting to destabilise the company through false rumours and misleading narratives. \u201cThis campaign aims to damage our 20-year legacy and potentially force a takeover,\u201d the release alleged. \u201cWe are speaking up to protect both our reputation and the mutual fund industry\u2019s credibility.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left\">Since its inception, RACE-managed funds have distributed over Tk 1,800 crore to investors, including more than Tk 600 crore in cash dividends over the past three years alone. This performance makes RACE the largest dividend contributor in the sector \u2014 a claim now further reinforced by the clean asset audit.<\/p>\n\n\n\n<p class=\"has-text-align-left\">As mutual fund investors and professionals alike call for a more balanced regulatory approach, the message is clear: confidence can only return to the industry when competence is allowed to lead, and interference gives way to trust.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Confirms government body ICB and BRAC Bank Staff Correspondent: In a significant development for the country\u2019s mutual fund industry, government custodian Investment Corporation of Bangladesh (ICB) and leading private-sector bank BRAC Bank have confirmed that the investment assets under RACE Asset Management\u2019s care are 100% intact \u2014 dispelling recent doubts and concerns over asset safety. [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":29013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[],"class_list":["post-29012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RACE-managed fund assets found 100% intact - The Bangladesh Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thebangladeshtoday.com\/?p=29012\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RACE-managed fund assets found 100% intact - The Bangladesh Today\" \/>\n<meta property=\"og:description\" content=\"Confirms government body ICB and BRAC Bank Staff Correspondent: In a significant development for the country\u2019s mutual fund industry, government custodian Investment Corporation of Bangladesh (ICB) and leading private-sector bank BRAC Bank have confirmed that the investment assets under RACE Asset Management\u2019s care are 100% intact \u2014 dispelling recent doubts and concerns over asset safety. 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